The prospects for PowerHouse, the UK’s third-largest electrical retailer, looked brighter yesterday after receivers confirmed talks “with a number of parties” interested in buying the business.
Following weekend reports that GUS, the Argos-to-Homebase retail chain, had shown an interest in the stricken retailer, receivers Deloitte & Touche announced that they had “received a number of initial inquiries, both in respect of the business as a going concern and for elements of the group’s property portfolio”.
Nick Dargan of Deloitte said: “We are working with a number of parties who have expressed interest and are providing them with further financial information. During this period we are continuing to trade from the 130 stores.” Other retailers thought to be interested in PowerHouse, which last week decided to close 93 of its 223 stores after bankers pulled the plug, include larger rival Dixons.
Neither Dixons nor GUS would comment. Deloitte said it hoped “the position will become clearer within the next seven days”. PowerHouse was created in 1992 from the merger of the loss-making retail arms of Southern Electric, Midlands Electricity and Eastern Group.
Hanson bought the group in 1995 before selling it to a management buyout team.
>From The Telegraph